(formerly FII Cenesp — BTG Pactual)
Segment: Brick · Offices · low quality · Price R$ 1.38 · P/BV 0.216 · BV/unit R$ 6.39 · Net assets R$ 218 Mi · 73,704 unitholders · 1 assets
CNES11 (Cenesp Fundo de Investimento Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the Brick · Offices · low quality segment. (formerly FII Cenesp — BTG Pactual)
Owner of 21 floors in the CENESP complex, a corporate building in southern São Paulo, leased to companies needing entire floors. Be aware: more than half of the floors are vacant and a major tenant confirmed exit in 2026, which is expected to further reduce distributions.
This page gathers the factual snapshot of CNES11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: BTG Pactual Gestora de Recursos.
Management is handled by BTG Pactual Gestora de Recursos, with administration by BTG Pactual Serviços Financeiros (DTVM). The group is one of the largest FII management platforms in the country. In the specific case of CNES11, management faces a structural challenge: backfilling space in a corporate complex with an unfavorable location (southern zone, outside premium hubs) and age (1977), in an adverse macro environment (Selic at 14.5%). The operator's quality does not compensate, in the short term, for the property's fundamental problems — and transparency regarding the schedule and square footage from the May 18, 2026 Material Fact was limited.
Single-asset — 21 floors of the CENESP complex (SP southern zone, 1977). 59.4% vacancy, 41.9% delinquency. May 18, 2026 Material Fact announces new impact.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Cenesp Building (21 floors - 31% of the development) | Av. Maria Coelho Aguiar, 215 — Jardim São Luís, São Paulo/SP, CEP 05805-000 | 31.0% | 0.406% |
| Units of other FIIs (tactical allocation) | — | 6.1% | — |
HHI 0.5835 — muito_alta.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP - Southern Zone) 100.0% |
| By index | IGP-M 70.0% · IPCA 30.0% |
The fund trades at a 75% discount to book value. This gap reflects: (a) uncertain capacity to lease the 59.4% vacancy + 41.9% delinquency; (b) -14.9% adjustment to fair value in 2025 and expectation of a new adjustment in 2026; (c) May 18, 2026 Material Fact announcing a loss of ~22% in revenue; (d) extremely low asset liquidity in the event of divestment. P/BVs below 0.30 are signs of assets in severe operational distress.
last close R$ 1.38 · all-time low R$ 1.04 · high R$ 7.33 · book value per unit R$ 6.39.
Average daily volume (21 sessions) of R$ 117,000 · 12-month average of R$ 198,000.
Extremely low liquidity. A R$ 100k position takes ~4 business days to exit without moving the price; R$ 500k is practically unviable. Average volume of R$ 117k/day drastically limits position sizing.
Since its inception in 2011, CNES11 has experienced the transformation of the São Paulo corporate market. The CENESP complex, a pioneer in 'Intelligent Building' when inaugurated in 1977, suffered from the shift of corporate demand to the Faria Lima, Vila Olímpia, and Chucri Zaidan hubs. The 2024 split expanded the unitholder base, but quotations continued a steep devaluation. Chronic vacancy (59.4%), 41.9% delinquency on receivables, recurring accounting losses, and successive fair value write-downs (-R$ 35.8M in 2025) make the fund an emblematic case of risk in single-asset secondary office FIIs. The May 18, 2026 Material Fact reinforces the unfavorable cycle.
| Period | What happened |
|---|---|
| INÍCIO | Commencement of Fund activities focusing on corporate slabs in the CENESP complex in São Paulo. |
| LEED GOLD | The CENESP complex achieves LEED V4.1 O+M Gold Certification, recognizing environmental repositioning work. |
| DESDOBRAMENTO | Fund executed a unit split at a ratio of 1:11.5740, expanding the unitholder base and unit accessibility. |
| SAÍDA DE LOCATÁRIO (BLOCO F) | Administrator receives notice of lease rescission regarding 1.5 floors in Block F, reinforcing high vacancy scenario. |
| BALANÇO 2025 | EY audits the 2025 Financial Statements (published March 30, 2026): loss of R$ 33.58M, fair value adjustment of -R$ 35.8M, book value per unit falls from R$ 7.57 → R$ 6.40. |
| FATO RELEVANTE — SAÍDA DO FINANCEIRO | Material Fact dated May 18, 2026 (ID 1197958) reports partial vacation by the financial sector tenant on the 7th and 8th floor areas of Block B of CENESP. Impact estimated by manager: ~22% on contracted revenue. |